Toys R Us is reportedly planning to close 200 more stores and lay off more staff as it seeks to reinvent its business and emerge from bankruptcy, The Wall Street Journal reported Feb. 21, citing people familiar with the matter.

The news comes two weeks after the company started its liquidation sales at select U.S. branches on Feb. 7. Toys R Us spokeswoman Amy Von Walter told the Journal that some hourly employees may be eligible for bonuses tied to the liquidation sales performance.

In its latest wave of closures, the retailer reportedly has withdrawn from its promise to offer severance benefits to all affected workers while it continues to discuss the number of stores that will close, according to the report, which cited internal documents.

Previous reports noted that the closures were a result of what Toys R Us CEO Dave Brandon called "disappointing" holiday sales.

In January, Toys R Us announced its plan to close up to 182 underperforming stores in the U.S., which reportedly could affect 4,500 workers.